06 Jun 2019

The growing popularity of the new choice in diamonds amongst the tech-savvy and socially conscious generation aged 21 to 39 years has resulted in Lucara mining having to invest in securing a large portion of the millennial market, says Lucara Botswana Managing Director Ms  Naseem Lahri.

Addressing members of the media on June 4, Ms Lahri said the millennial are currently the hottest market to target, as they have become the greatest group of consumers, and therefore, are crucial in helping the jewellery industry increase sales.

She said the socially-networked millennial generation is more inclined to sustainability and value generated by the diamond purchase not only to themselves but the society and planet at large, since they seek out pieces that are simple yet bold and expect high quality that will allow them to wear it for a long time.

She highlighted that millennials are important drivers of growth in the luxury sector and account for a considerable share of global diamond jewellery demand since their spending power is rising.

The millennial market, she said is one of the most important and thoughtful investments for the technologically paced and socially conscious generation as they have embraced the tradition of an engagement ring, but with a twist.

“The youth want their jewellery with a story, reflecting their creativity and eccentricity.

They prefer customised and non-uniform look. It is especially important to millennial couples that their engagement ring feels unique,” she said.

With the young generations being the present and future of the diamond industry, Ms Lahri said it is up to the diamond industry to adapt to their values, behaviours and way of life, hence Lucara adopted the Clara digital sales platform to be at parity with millennial market demands.

She explained that Clara is an affordable, potentially high value growth opportunity for Lucara, that is compatible with its core diamond mining business.

“Clara is a secure, digital sales platform that uses proprietary analytics together with cloud and blockchain technologies to modernise the existing diamond supply chain, driving efficiencies, unlocking value and ensuring diamond provenance from mine to finger,” she said.

She said blockchain business solution unlocks value and ensures diamond provenance, integrity and transparency throughout the value chain.

Further, Ms Lahri stated that Lucara will from June 05 to 14, 2019  run a competition for locals to help name the newly discovered unbroken 1,758-carat stone, which was unearthed through the state-of-the-art XRT circuit technology at Karowe mine in April this year.

The uncut diamond weighs close to 352 grams and is the second largest diamond in the history of Botswana’s mining journey. ENDS